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Did you receive CERB and were confused if you should have received the payments? On February 9, 2021 the federal government announced that self employed Canadians who received CERB may not have to pay it back. Canadians who are worried about having to repay may not be...

Here's some good news for small businesses in the arts and hospitality industry. The Canadian Government has identified some of the hardest hit industries due to COVID-19 and created a special stimulus program for these sectors. The incentive program is designed to...

Here’s what you need to know about claiming government assistance like CERB or EI as income on your taxes.

“Can I claim a vehicle expense for my business if I don’t own the car, but it belongs to my partner?” In my practice as a CPA in Hamilton, I get asked this question by many small business owners.  To clarify, “partner” refers to a husband, wife, boyfriend, girlfriend,...

"I haven't filed my 2019 tax return and I am not sure what to take to my accountant?" If you are in this position, my recommendation is (if you are utilizing the same accountant as last year) to contact their office ASAP. A good accountant should be able to provide...

We've all had to practice patience this year. But I don't believe any of us are experts yet! Delays in general have been relatively commonplace in 2020. In my practice as a CPA I have been asked several times why tax returns for 2019 are taking a long time.  Why...

If you are in the business of flipping houses for profit in Ontario, or thinking about getting into it, there are some things to consider from a tax perspective before you venture out.  Flipping houses as a business is when a property is purchased, renovated and...

As a small business owner you’re faced with having to wear multiple hats at any given time. It’s unreasonable to expect to be experts in every field, anywhere from marketing to accounting, not to mention maintain your core product or business. As a result,...

Whether you have a business plan or have not completed one before, I am re-sharing a business plan template from the Hamilton Small Business Enterprise Centre as a great resource that all small business owners can benefit from. If you have never done a business plan...

As we approach the end of another tax year, the last thing on small business owners mind is preparing and organizing accounting information. A very important piece of advice is to not leave it to the last minute. Often gathering information hurriedly before tax time...

One of the decisions a small business owner will have to make is when, or if, they should get an HST number (a unique tax identification business number).  If you do not have an HST number you cannot charge HST. The same is for vendors that you deal with, if they do...

Here is a question that almost every small business owner asks, especially when first starting their business.   “How do I file my HST?”  “Can you do it for me?” Or, “Is it easy, can I do it on my own?” Here I share a detailed explanation on the regular...

As a Small Business Accountant in Hamilton, HST is one of those issues that can confuse new and seasoned business owners. HST is a complex tax and the technical language surrounding HST can be overwhelming.   Some business owners scramble when they can not find all of...

Current Expenses You Can Deduct When you own a rental property, current expenses, or those “recurring expenses that provide a short-term benefit”, are the ones that you can deduct from your gross rental income in the year you incur them; because they provide a short...

If you have sold your home recently or are thinking of selling it, you’ll be happy to know that selling your home normally won’t have any effect on your income tax at all. Generally, you don’t have to pay any tax on your profits from the sale of your principal...